Federal Reserve Chairman Jerome Powell is holding a press conference to brief the public on the Fed's decision regarding interest rates.

The Fed will announce whether it will raise interest rates at 2 p.m. and brief the public on the decision half an hour later. Powell will explain and take questions about the decision at a Fed press conference.

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The Fed has raised interest rates for more than a year in an effort to combat inflation. Despite this, it is finally expected to keep interest rates stable, following a cooling of inflation.

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Several promising economic figures were released in June, showing positive trends in the producer price index and consumer price index.